This product is guided by the principles of Islamic Shariah regarding Quard. Quard will be sanctioned for specific period against lien of TBL MTDR. No profit will be charged by the Bank on the Quard amount and no profit will also be credited/ calculated by the Bank on the amount equal to the Quard amount of the MTDR till adjustment of the Quard. In other words profit will be calculated only for the balance amount of MTDR after deducting the Quard amount. Service charge @ actual administrative cost of the bank or @2.00% p.a. will be realized.
Quard facility is allowed maximum up to 90% of the face value of the Term Deposit.